Import Bank Reconciliation in Sage 500

By | July 31, 2020

Import Bank Reconciliation is used to accelerate the matching of bank transactions from bank statements to the Sage 500 ERP system. This feature is used in Sage 500 ERP to import and reconcile those bank transactions with outstanding transactions in Sage 500 ERP Cash Management.

It is only available if Cash Management is installed in Sage 500 ERP.

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Many banks will send their customer an electronic file or hard copy statement which include account number, statement date, ending balance, cheque number, transaction date and type. This reconciliation process will allow for import bank transaction from a data file to reconcile the transaction of Sage 500 System.

Sage 500 ERP will only support ASCII text files either of fixed length, or variable length using field delimiters to separate the data fields.

Reconcile bank statement

In order to perform the CM import Bank reconciliation process, the user need to create a reconciliation batch and select a bank account for import the data files. Once click on the “Import transaction” button the batch form will initiate the process of CM import bank reconciliation.

Import bank reconciliation
Import bank reconciliation
  • Matching process

Since not all transaction fields are required into the Import data field, depending on the above selection which transaction data field are present, Import Bank reconciliation automatically match bank transactions from the import data file.

  1. Bank Account Number, Transaction Number, Transaction Date, Transaction Amount, Transaction Type (check, deposit, withdrawal, etc.)
  2. Bank Account Number, Transaction Number, Transaction Date, Transaction Amount (Default)
  3. Bank Account Number, Transaction Date, Transaction Amount
  4. Bank Account Number, Transaction Number, Transaction Amount
  5. Bank Account Number, Transaction Number, Transaction Date
  6. Bank Account Number, Transaction Number
  7. Bank Account Number, Transaction Amount
  8. Bank Account Number, Transaction Date

Total 8 selected criteria available on the basis of which user can import Bank data file by using Sage 500, system automatically processes the bank data file to match and unmatched the bank transaction.

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